In Partnership with Leading Consumer Thought Leaders, Visa Creates New Designation for Consumer Reloadable Prepaid Cards That Goes Beyond Current Marketplace Requirements Related to Transparency, Benefits and Fees
“Consumers have been confused by an often complex prepaid landscape,”
To qualify for the new Visa prepaid designation, prepaid programs must meet a set of standards. Cards that meet these requirements will receive a seal that will be visible on card packaging and materials. Features of Visa’s new prepaid designation include:
Simplified fees and transparent disclosures
Superior consumer protections
“At Visa, we believe prepaid cards can play an integral role in a
consumer’s day-to-day financial matters,” said
“We applaud Visa’s efforts to raise the bar on quality in the prepaid
industry by building on our Compass Principles," said
"More Americans are turning to prepaid cards as a way to manage money,
but Pew’s research shows that these cards should be made more consumer
Visa also aims to keep prepaid at the forefront of financial services innovation. Thus, Visa will continue to work with industry thought leaders on finding opportunities for consumers to improve their financial health, whether through creative approaches to financial education, new products to help consumers save, or ways for consumers to safely build credit. As regulations, consumer needs and technology evolve, Visa will revisit these standards with a commitment to delivering more simplicity, protection and opportunity to consumers.
“We created this designation to help people easily choose a Visa prepaid card that gives them more control over their money – anywhere, anytime – without surprises,” said McInerney. “Through close partnership with our clients, Visa will help lead the way on promoting these new standards, while continuing to advance the prepaid industry.”
The new designation is the latest example of Visa’s leadership in payment industry standards. Earlier this year Visa announced the Prepaid Clearinghouse Service, a new industry solution to identify and mitigate prepaid card fraud. Visa is also working with other card networks to introduce a global tokenization standard to enhance the security of digital payments and simplify the purchasing experience when shopping on a mobile phone, tablet, personal computer or other smart device. Visa is also a founding member of the EMV coalition that seeks to ensure the security and global interoperability of chip-based payment cards.
Visa is a global digital payments network that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks - VisaNet - that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com.
1 Actual fees between cards may vary.
2 Visa's Zero Liability policy covers U.S.-issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or certain commercial card transactions.